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Form 1120-POL - Contents of Return

Form 1120-POL is an annual income tax return that must be filed by organizations with political organization taxable income exceeding $100 for the taxable year. Only taxable income (generally, the organization's investment income) is reported on Form 1120-POL.

A political organization may not deduct the salaries, rents, and other expenses it incurs for its political campaign activity on Form 1120-POL, but only those expenses that are directly related to earning taxable income. For example, the organization may not deduct the salary of its campaign director.  If, however, the organization hires a broker to manage its stock portfolio, it can deduct that expense from the taxable dividend and capital gain income derived.

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Page Last Reviewed or Updated: 06-Mar-2014